'Misleading' home repossession advert banned by watchdog

Published by Jon Land for 24dash.com in Housing

An advert claiming homeowners could avoid repossession by selling their properties but still remain in their homes was banned by the advertising watchdog today.

The ad for Land and Property Bank claimed people dealing with financial problems could cash in on their house without moving by selling it and then renting it back.

The deal would allow people to stay in their properties as long as they wanted, the advert claimed.

But the Advertising Standards Authority (ASA) ruled the ad was misleading as it did not make clear that "significant terms and conditions" were attached to such an agreement.

ASA spokeswoman Olivia Campbell said: "The ASA is here to ensure advertisers do not mislead either by inaccuracy, ambiguity or omission.

"The ASA had not seen evidence to show that tenants could always remain in their home for as long as they wanted to and Land and Property Bank did not make clear that there were significant terms and conditions attached to their claims."

The ad was banned and is not to be used again in its current form.